Bankers launch employment law claim for

Posted 09/09/2009

A group of London bankers is taking legal action in order to claim £30 million in unpaid bonuses, which they claim they are owed under employment law.

Many of the 72 Dresdner Kleinwort workers involved in the legal action are claiming for more than £1 million each, with the total representing a potential record amount for a case of this kind in the UK.

The bankers’ case rests upon allegations that they were guaranteed bonuses at the end of last year, but ultimately received only ten per cent of the promised amount as a result of the company’s poor financial performance.

They are therefore taking the legal stance that the employer has violated contract and employment law, making them entitled to compensation.

However, Dresdner Kleinwort’s parent company Commerzbank has denied any wrongdoing and stated its intention to “defend these claims vigorously”.

Dresdner Kleinwort was acquired by the bank earlier this year and has since the beginning of September been rebranded to operate under the Commerzbank name.